Shares in Manycore Tech, a Chinese AI-driven spatial intelligence provider hailed as one of Hangzhou's "Six Little Dragons" tech companies, soared 144 percent on their first day of trading in Hong Kong on Friday, cementing strong investor demand for China's next-generation AI innovators.
The stock closed at 18.60 Hong Kong dollars on its Friday debut, more than double its IPO price of 7.62 Hong Kong dollars per share. The momentum continued into the new week, with shares closing at 37.44 Hong Kong dollars on Monday, a cumulative gain of over 390 percent from the offer price.
The company raised 1.09 billion Hong Kong dollars from its global offering of roughly 160.6 million shares.
"Through the successful listing in Hong Kong, the capital we have raised will primarily be used for two strategic priorities: expanding our global footprint and intensifying investment in AI research and development. We also plan to attract top-tier talent to join our company and accelerate the development of innovative AI-powered products," said Huang Xiaohuang, co-founder and chairman of Manycore Tech.
The "Six Little Dragons" moniker refers to an informal grouping of tech startups in Hangzhou City, east China's Zhejiang Province: DeepSeek, Unitree Robotics, Game Science, DEEP Robotics, BrainCo, and Manycore.
As the first of the group to go public, Manycore's market performance is being closely watched as a barometer for investor appetite for shares in China's next generation of tech enterprises.
Founded in 2011, Manycore initially gained prominence through Coohom, its flagship home design software that has grown into China's largest spatial design platform.
Over the past years, the company has evolved into a global provider of spatial intelligence solutions, amassing a database of over 100 million real-world floor plans and 3D digital assets.
"Simply put, spatial intelligence involves reconstructing and generating our physical environments, then understanding and editing them within the digital world, followed by simulating how those spaces behave, and ultimately applying the insights from those simulations back into our physical world. This holds significant promise for enabling the large-scale deployment of robots, driving intelligent upgrades in manufacturing, and enhancing the smart improvement and renovation of our living spaces," said Zhu Hao, co-founder and CTO of Manycore Tech.
According to Zhu, the company's proprietary spatial understanding and generation models can rapidly digitize physical environments and enable structured understanding, such as determining whether a robot should grasp a cup or push a chair first, and predicting the outcome of such actions.
"After digitizing a physical space, our system can perform structured understanding, allowing an agent to predict the potential outcomes of interacting with objects in the space. Overall, this will help AI agents or robots achieve more effective application in the physical world," said Zhu.
Manycore's technologies are currently being used in different sectors, including architectural design, 3D content creation, e-commerce, film and television production, industrial digitalization, and training environments for AI agents.
Manycore’s markey listing adds to a robust start for Hong Kong's capital markets in 2026. Since the beginning of this year, more than 40 companies have gone public in Hong Kong, raising over 100 billion Hong Kong dollars, figures that substantially exceed levels seen during the same period last year.
"From the beginning of 2025 to date, we have successfully sponsored eight enterprises to go public in Hong Kong. Moving forward, we remain committed to serving as a bridge for the Hong Kong capital market and facilitating more high-quality mainland companies in accessing the Hong Kong stock market," said Li Qianxin, chairwoman of the China Construction Bank International.
Shares in Chinese company Manycore jump 144 pct on Hong Kong stock market debut
